Apple shares set for $600 by 2009?

Apple's turnaround continues as stock price set to reach new heights, an analyst has claimed, predicts Apple to trade at $600 per share within 18-months.

By
Jonny Evans
| 28 Dec 07

Apple shares are trading around a new $200 high - but some analysts believe they could rise to as high as $600 each in the coming months.

The company seems set to benefit from iPhone-related success, the analyst say, predicting Apple's imminent entry into mobile-savvy markets in the Far East will drive sales forward, and speculating that the speculated release of a 3G version of the device in 2008 will also boost sales.

"There's so much growth to look forward to for the iPhone,' said Stephen Coleman, chief investment officer at Daedalus Capital, which owns about $7 million of Apple shares. He projects the stock will hit $600 in 18 months, Bloomberg reports.

The device has helped Apple to become a company with "multiple growth engines,' said Bear Sterns analyst Andy Neff, issuing a revised target price of $249.